It’s an exciting but daunting prospect signing on the dotted line but when it comes to establishing or expanding your business, at some point you will no doubt lease or buy commercial premises.
And when you do, you need to be confident that you not only have the right premises but a legal contract that fairly protects your business interests.
Why consult commercial property solicitors?
Investing in a property or renting commercial premises is a big step for your business. You need to be confident it is the right step, and this is why taking time to consult commercial property solicitors will pay off.
· Property is a long-term commitment
Buying commercial premises is a long-term commitment but an investment that immediately swells business assets. Leasing a property is equally a big step but unless you have examined the lease documents in detail, and are you confident you know what all the legal jargon means.
For example, if your business fails or you decide to relocate, is there a get-out clause that will cost you dearly? And what about rent reviews – when do these happen and what form of address do you have if you believe the rent increase is disproportionate.
With such an important and long-term commitment, consulting a solicitor to comb through important documents and contracts is essential.
· They examine the fine print
There are all kinds of clauses and loopholes in contracts that can work both in your favour and against you. When they work against you, the impact on your business can be financially devastating.
When leasing commercial property, landlords will want to protect their investment, but you also want to be able to utilise the property to fit with your business. But what can you change? Likewise, understanding your role in maintaining the building and what your landlord retains responsibility for also needs to be examined in detail.
When it comes to buying commercial premises, the fine print can be much more complicated than for a domestic dwelling. There may be clauses in contracts that place responsibility on you or financial contributions to maintain access roads and so on. Are you clear as to what the implications for you are, as the property owner?
· They can save you money in the long-run
Superficially, a contract may seem simple and straightforward until there is a problem or an issue. Consulting a solicitor at this point brings an expense you were not expecting.
However, conveyancing fees are much more cost-effective that legal fees for getting you out of a contract that is strangling your business or being left with a huge bill as a result of changes you made that you were not technically ‘allowed’ to do.
In the long run, consulting Commercial Property Solicitors will save you money. But it is more than that – it is peace of mind that you have a fair contract in place that protects your business and its assets.
Invest in your business
Leasing a property is an investment in your business, as is buying commercial premises. As a result, the shape and form of your business will change.
Investing in a property means buying a business asset and this too has implications. As well as consulting with property solicitors, your account and tax adviser will help you understand how it affects your business, as will a business lawyer too.
Leasing or buying a property can be the next big stride your business but you need to be confident it is a step in the right direction. So why wouldn’t you consult with a specialist legal team with the experience of working with businesses large and small, to lease or buy the commercial premises they need?
